Case Summary:
The Debtor sold property on a land contract and claimed an exemption in the proceeds under the applicable Minnesota homestead exemption statute. The statute provides, “[t]he owner may sell and convey the homestead without subjecting it, or the proceeds of such sale for the period of one year after sale” to any debt from which it was exempt. For the purposes of the statute, the “sale” occurred when the Debtor and vendee executed the land contract, not when the Debtor received the last payment. Accordingly, the Debtor was only entitled to exempt proceeds she received in the year following the execution. She could not exempt proceeds received after that time.

Statute/Rule References:
Minn. Stat. § 510.07 -- Proceeds from Sale of Homestead

Key Terms:
Exemptions
Homestead Exemption